October 22, 2020: Hascol Petroleum Limited (HASCOL) is challenging the Order passed by the Oil and Gas Regulatory Authority (OGRA) yesterday in respect of suspension of the marketing license of the Company for Khyber Pakhtunkhwa with immediate effect and imposition of penalty of Rs. 10 million.
According to the notice issued to Exchange, the company communicated that the Order is based on a misinterpretation of facts and the law. As such, it is challenging the same at the appropriate forum of law and is confident of a favorable outcome.
HASCOL believes that the impression the Company has violated any law is false, illegal, and hence denied.
The company further said, ‘In view of the above, it may not be appropriate to derive negative connotation from the abovementioned Order as the same shall cause harm to the Company and the public at large.’
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